DEFINING MARKETING

DEFINING MARKETING

The British Chartered Institute of Marketing defines marketing as;

v     The management process responsible for identifying, anticipating and satisfying customers requirements profitable.

Kotler, the author familiar to most marketing students on both sides of the Atlantic defines marketing as;

v     The marketing concept holds that the key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors             ( Kotler; 1991 pg 15 )

There are literally dozens of definitions. Fortunately most of these definitions are individual variations within a broad consensus that marketing concept is consumer – and profit oriented

Consumer orientation does not always mean giving customers what they want, but understanding consumer needs and wants in order to respond more efficiently in ways that make business sense for organizations both in the short term of 6 months to a year and in the long term of several years.

FIVE (5) MARKETING PROPOSITIONS.

v     Marketing is a management orientation or philosophy

v     Marketing comprise three main elements linked with a system of exchange transaction

v     Marketing is concerned with long term ( strategy ) and short term ( tactics)

v     Marketing is especially relevant to late twentieth century marketing conditions

v     Marketing facilitates the efficient conduct of business

THREE (3) MAIN ELEMENTS LINKED WITH MARKETING SYSTEM

It is implicit in Kotler’s views above and all other definitions that marketing comprises the following elements;

v     The attitudes and decisions of customers (target markets) concerning the perceived utility and value of available goods and services according to their needs, wants, and interest and ability to pay.

v     The attitude and decisions of producers, concerning the production of goods and services for sale, in the context of their business environment and long – term objectives

v     The way in which producers communicate with customers, before, during and after the point of sale, and distribute or provide access to their products.